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May 6, 2021

Euro Insol: The smartest of the smart guys was the Romanian state

The state was one of the “smart guys” of Hidroelectrica, which enforced an inconsiderate policy through the loss-making contracts for the company and the investments in favour of other institutions, Remus Borza, the chief of Euro Insol company, the judiciary administrator of Hidroelectrica, said Saturday during the inauguration of the lock of the Iron Gates I hydropower plant, Mediafax reports.According to the judiciary administrator’s representative, a new evaluation of all Hidroelectrica branches at country scale has started, and the new organisation charts will be issued at the end of October. The job cuts will mainly target the office (non-productive) personnel, which is oversized.This year, Hidroelectrica will suffer losses of EUR 100 M, against a negative result of RON 124 M in 2011, while incomes will drop by approximately RON 800M, as consequence of electricity output that will hit an all-time minimum, the judiciary administrator announced. He added that the companies Alpiq RomIndustries and Alpiq RomEnergie have no chance to win, on legal arguments, the lawsuits in which they asked the court to cancel the insolvency process of Hidroelectrica, but anything is possible in court, Borza said.

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